|Global Homes and Buildings (H&B) Industry Outlook, 2020|
|Artificial Intelligence (AI)-driven Solutions, Energy Efficiency Directives, Sustainability Targets, Construction Activities, and Stringent Building Safety Codes Drive Overall Industry Growth|
The homes and buildings (H&B) industry is strongly driven by the penetration of IoT at the field level of buildings and the emerging adoption of artificial intelligence (AI) driven solutions at the management level and cloud-based data analytics. These technologies are significantly impacting smart homes, LED lighting, building automation and building energy management markets. Frost & Sullivan see an increased level of awareness among building managers and customers on the value creation from these technologies.
Industry participants in traditional markets such as heating, ventilation, and air conditioning (HVAC), fire and safety and facility management (FM), are integrating digital offerings to provide technology-enabled solutions that play a vital role in the seamless integration with existing systems and delivering building performance optimisation. The H&B industry will continue to evolve with the penetration of advanced technologies delivering energy and cost benefits and, above all, value-based outcomes. The industry is expected to reach a size of $1,341.24 billion in 2020, with market expansion driven by high growth in segments such as smart homes, LED lighting, BEMS, HEMS and residential energy storage.
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